1991: Istituto Bancario San Paolo representative office opened in Bangkok.
Italian banks never had a great deal of interest in Thailand.
Istituto Bancario San Paolo (IBSP) was unique in its 1989 decision to establish a direct presence in the country as it transitioned from a primarily agriculture-based economy, modernizing and transforming its production systems and promoting private sector investment.
IBSP believed that the climate of economic stability and growth throughout East Asia would lead to the "gradual regional integration of the Pacific economic bloc, including the newly industrialized countries and member-states of the Association of Southeast Asian Nations (ASEAN), which include Thailand". Its presence in the country enabled it to implement its strategies in this high-growth region where the Singapore branch was already active, and to provide banking and trade advice to Italian companies interested in the above-mentioned markets.
In order to fulfill these objectives, in October 1991 IBSP opened a representative office that reported to the Singapore branch.